JOHANNESBURG (miningweekly.com) – JSE-listed Northam Platinum has successfully raised R250-million through the issue of R250-million of new domestic medium-term notes.
Northam in February announced that it had entered into a subscription agreement with the Industrial Development Corporation (IDC), which would subscribe for R250-million of new domestic medium-term notes. The notes were issued on Friday.
The proceeds would be used for the development of the platinum miner’s Booysendal expansion projects, which are expected to result in a significant expansion of Northam’s operating capacity.
“We are pleased to have the IDC as a funding partner. The confidence shown is appreciated in light of the current adverse market conditions. This is a significant and important source of funding for Northam,” CEO Paul Dunne said at the time.
Last month, Northam announced that it had successfully raised term debt through the issue of R175-million of five-year senior unsecured fixed-rate domestic medium-term notes.